3-22 (LO. 5) In its books, Ion Corporation reports income tax expense and income tax payable of $200,000 and $250,000, respectively. Assume that Ion will be able to use only $30,000 of any deferred tax asset, with the balance expiring unused. Determine the amount of Ion's deferred tax asset and any necessary valuation allowance, and construct the appropriate journal entry that Ion would record. Ion will record a deferred tax asset of s 50,000 and a valuation allowance of s 20,000 JOURNAL DATE Description Income tax expense (provision) Deferred tax asset Deferred tax asset X Valuation allowance Futhark Post. Ref. Debit Credit 220,000 50,000 20,000 X 250,000 X